The recent regulatory approval for bank custody of cryptomoney comes after a Coinbase student was prominently featured as Acting Comptroller of the Currency for the Office of the Comptroller of the Currency, or OCC, a U.S. banking regulator.
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„There’s been a major change in the last 60 days,“ Morgan Creek Digital co-founder Anthony Pompliano said in the July 23 episode of his YouTube show, „Lunch Money.
„Brian Brooks, who used to be Coinbase’s legal director, is now the acting comptroller of the currency. He’s in charge, so there’s a Bitcoiner in the henhouse, and they let him in.
U.S. government regulator brings clarity on crypto space
The crypt coins are outside the conventional monetary system, positioning the users as their own banks, keeping their own funds. However, banks often interact with the crypto ecosystem when users send money to cryptomoney exchanges. Some users may also not wish to maintain their own funds by having services or entities hold their capital in crypto.
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The crypto industry received regulatory clarity from the OCC on July 22, giving federally licensed banks the go-ahead for digital asset custody.
Prior to the ruling, Pomp said a large number of federally regulated banks were avoiding participation in cryptomonies, citing OCC restrictions. Pomp said Brooks did not make regulatory changes, but simply provided clarity to the crypto-custody scene.
Clarity helps the industry.
„Banks are going to build custody services, banks are going to acquire cryptology companies,“ Pomp said, referring to the future effect of recent government clarity. „In addition, you will see cryptology companies trying to create software to sell to banks,“ he said.
„All coins will be digital. Digital dollar, digital yen, digital euro, Bitcoin System, pound. All the currencies of the world will be digital and the competition will not be in the technology layer, but in the monetary policy layer. Bitcoin has the superior monetary policy and Bitcoin will be the global reserve currency.
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As an advocate of Bitcoin, Pomp has previously pointed out that the currency travels along a price line uncorrelated to conventional markets.